TLS, one page, 8.5 x 11, personal letterhead, February 19, 1931. Letter to Richard H. Waldo, concerning a property in New York City. In part: "A friend of mine is interested in a property that is one hundred by one hundred and is number Fifty-seven West Fifty-eight Street, one the northeast corner of Six Avenue. It is said to be taxed for $1,325,000 and there is a mortgage on it to some Title Company for $775,000. The building is said to be about twenty years old and the rentals are about $146,000 a year. Can you give me any idea about the value of this property." The response, typed on the back, advises a cautious approach amidst the Great Depression, in part: "Charles Guggenheimer tells me that rent-rolls of more than two years' standing on New York City property should be revised at least 40% downward for the next year or two. He says that now we have a buyer's market, but an extremely dangerous one, and all factors should be gone into with the utmost care on any trade." In very good to fine condition, with light staining and creasing, and show-through from typed text on the reverse.
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